WELCOME TO MUTADAWIL

Customers Agreement
Kuwait Finance & Investment Company
online Trading

Please send a signed copy of the agreement to Kuwait Finance & Investment Company: (965) 242-0175

Mirqab - Abdullah Al-Mubarak Street
Al Taf Complex-3rd Floor
Kuwait

P.O.Box 21521 Safat
Kuwait-13131
 
Preamble:
Kuwait Finance & Investment Company K.S.C. shall lay down the conditions and provisions governing the account of the online trading customer. The conditions and provisions of this agreement shall apply in respect of all the transactions performed on the online trading account through the website of the company.

Prevailing laws, provisions and regulations:
All the transactions performed for the account of the customer shall be subject to the laws prevailing on the related stock exchanges. The company shall not, in any event whatsoever, be liable towards the customer for any act or lack of act, resolution or judgment rendered by any stock exchange, market, clearance house or official entity.

Definitions:
For the purposes hereof, the following terms shall have the below-mentioned meanings:

Company: Kuwait Finance & Investment Company K.S.C.

Trading account: The online trading account(s) opened with the company and/or any account in which the customer has a share.

Customer or trader: Every person or registered company submitting an application approved by the company to open an online trading account.

Stock Exchange: Kuwait Stock Exchange.

Central Bank: Central Bank of Kuwait

Services: The services provided by the company on the website (Mutadawal.com)

Mutadawal.com: The website of the company through which all trading transactions are performed. 
Properties: All properties, securities and investment shares of any kind, kept at present or in the future, carrying or preserved by the company and in its possession in any of your accounts.

Executing Intermediary: Any intermediary performing a commercial deal on behalf of the company.

Other suppliers: Any entity providing information or services to the company website, for example: Reuters, Zawiya.com

Fixed-amount order: Any order for sale or purchase of securities, at a fixed price or a better price for performance within the limits of the price.

The customer shall agree to pay to the company the brokerage commission, remuneration, interest fees, and other fees applying to his account and to his use of the services provided to him by the company. The customer declares that he expressly agrees that the company shall directly deduct from the customer’s account any of the said remuneration and fees due. The company shall debit the said debit amounts against the customer’s account. If the customer’s account balance is not sufficient for covering the said remuneration or fees, the customer shall grant the company the right to sell any of his properties in his account to cover the said debit amounts due to the company. The company may amend the brokerage commission and remuneration by virtue of a notification sent to the customer.

Obligation to pay the consideration of the deals, debit balances and other indebtednesses:
The customer shall pay to the company any current or future deals, debit balances, margin petition or any other indebtedness in his account, including but not limited to any remaining deficit in the customer’s account in the event of total or partial liquidation of an account by the customer or the company. The customer also agrees to pay to the company all the said obligations immediately. If the balance of the customer account is insufficient to cover the said obligations, the customer shall grant the company the right to sell any of the properties in his account to cover the debit amounts. The company shall have the right, at its absolute discretion, provided that this is a commitment by the company, to liquidate all or any part of the customer’s properties in any of his accounts, whether those owned individually or collectively with others (including entering clearance operations) at any time, by any means, and on any stock exchange, as deemed necessary by the company, without the need for serving prior notice to the customer. The customer agrees to be bound and pay to the company immediately any deficit arising in the customer’s account from the said liquidation or remaining after liquidation. The interest on the debit balance shall be charged until payment of the deficit.

Liability for the costs of collection:
The customer agrees to pay and to be liable for reasonable costs and collection expenses of the balance debit and any unpaid deficit in his accounts with the company, including but not limited to the incurred attorneys fees, payable or paid by the company.

Mortgage:
All the properties in the customer’s account, whether owned by the company or by its executing intermediary shall all be subject to continuous mortgage, as a security of the payment of all the current and future indebtednesses upon the maturity thereof and any other obligations on the customer toward the company.

The company shall keep all the properties in its possession as a security for payment of any obligations by the customer. The company shall also, without prior notice to the customer, have the right to transfer any of and all the properties from or to any account kept with the company and in which the customer has a share, when the company decides, at its discretion, that the said transfer is deemed necessary to protect its interests. By applying the mortgage, the company shall have the choice to specify the properties that should be sold and the open contracts and other tools that should be closed, and whether additional securities or other should be provided, under circumstances deemed necessary for protecting its interests. The company may also, without notifying the customer, use, transfer or sell any or all the customer’s properties for applying the mortgage thereof.

Mortgage and lending of securities and other properties:
When there is a debit balance in any account, all the properties owned, carrying or kept by the company in any of the customer’s account may be mortgaged and re-mortgaged or lent by us without any notice to the customer, whether singly or without the properties of others, at an amount higher or lower than the debit balance amount. The company may do so without keeping in possession or under its control any properties equal to it.

Liquidation:
The company shall be entitled to sell any or all of the properties in the customer’s account or to purchase any missing assets or cancel any open orders or close any suspended contracts or any other tools for the account of the customer in any of the below-mentioned events:

-	If the customer becomes insolvent or otherwise incapable of paying his indebtedness to others upon the maturity thereof.

-	If the petition for adjudication of bankruptcy is submitted by the customer or by others.

-	If an official receiver is appointed for the customer or his properties.

-	If preservative attachment is applied to any of the customer’s accounts.

-	Receipt of a court order concerning the customer or his account. The company may, on behalf of the customer, take any or all of the said measures at any time, at the company’s absolute choice, without giving the customer any prior or additional notice in this respect. The customer also agrees on assuming all the commissions, remuneration and fees resulting from the performance by the company of the said measures. If the company performs any sale or purchase operations, this can be achieved according to the company’s choice, on any stock exchange or other market on which the said works are traded or through the company performing a public auction or special sale without notification. The company may be the purchaser or seller and for its own account in any of the said deals. Any prior application, summons or notice provided to the customer by the company concerning the time and place of the said sale or purchase shall not cancel the right of the company to sell or purchase. And without providing the customer in advance with any application, summons or notice, any kind of dealing between the company and the customer and any delay on the part of the company in exercising any of its rights or arrangements shall not constitute cancellation of any of the company rights or arrangements, for the company may exercise the said rights or arrangements from time to time, in the number of that we specify. And upon the taking by the company of any measure in accordance therewith, it shall act according to the general policies, unless the company shall decide, according to its absolute choice that it is necessary, in order to protect the company, to act at any time prior or subsequent to the time specified under the said policies. And in the event where the company shall liquidate any or all of the customer’s accounts, such liquidation shall represent the amount of profit or loss of the customer. The customer shall compensate and protect the company against all such acts, errors, costs, expenses or remuneration (including but not limited to the attorneys fees) or the fines, losses, assets and liabilities accompanying any of the said transactions undertaken by the company. The customer shall be liable for all the losses resulting at the customer’s position, regardless of any delay or failure by the company to liquidate any of the said positions. If the company performs any order without with the customer having enough money to cover them, the company shall have the right, without notice to the customer, to liquidate the deal. The customer shall be liable for any losses resulting from the said liquidation, including any costs. The customer shall not be entitled to any profits resulting from the said liquidation. The company shall reserve its right to cancel term contracts if the customer does not keep sufficient money in his account to settle the final payment of the company to effect the sale. If the market price of the attached contract exceeds the termination price, in addition to the sale cost and commission. Then the company shall reserve its right to refuse to sell the term contract according to its absolute choice.

-	Account control and liability for accuracy:

-	The customer agrees that the company shall have the right to record any of his calls made between him and the company.  The customer shall also grant the company permit to use the information that they obtain from recording the customer’s activity with the company for any purpose chosen by the company and legally allowed.

-	The customer shall assume full liability for auditing his account at all times and shall particularly approve the auditing of each open deal until the company confirms for him/it the performance or cancellation of the order. The customer shall also assume the liability of the effectiveness of his account and the accuracy of the introduced orders and shall immediately notify the company by phone/e-mail of any discrepancies. You shall also agree on notifying the company immediately by phone/e-mail and on confirming this by express mail after two days, if you become acquainted with any of the following:

-	Any failure by the customer to see or detect in the deals, orders, transactions or any page on the specified website or the program’s website any accurate introduction showing that the order, including the cancellation or amendment of a prior order has been received or acted in accordance with and/or has been executed.

-	Any failure by the customer to receive or note any accurate performance confirmation. 
-	Receipt of any type of correspondence concerning any order and/or transaction performance report, which correspondence was not made or authorized by the customer.

-	Any inaccurate information in the balances of the customer’s account or confirmations or securities positions or date of deals.

The company shall not assume any liability or obligation and the customer shall release it from any obligation or liability for any claims concerning the treatment (or loss) of any order, if the customer fails, immediately but in all events within a period not exceeding two days, to notify the company by phone/e-mail when the customer becomes aware that any of the said orders have occurred. And in the event where the company confirms that it performed or cancelled by mistake and the customer was unreasonably late in notifying the said error, the company shall reserve the right to require the customer to accept the deal or remove the deal from the customer’s account according to the absolute choice of the company.

All the statements of account shall be deemed to be accepted and correct one month after the issue thereof, unless the company receives an e-mail or written notice from the customer including sufficient details proving the invalidity of the said statement. The customer agrees to immediately return to the company any assets distributed to the customer which the customer has no right to obtain.

Non-guaranteed particulars:
The customer agrees expressly that he shall assume personal liability for the use of the online trading service (Mutadawal.com) and that the company or any of its managers and employees or its subsidiaries or the suppliers of information do not guarantee the non-interruption of the services or their being free of errors. Any of the said companies or mentioned persons shall not provide any guarantee in relation to the results that may be obtained from the use of the website or in relation to the temporal feasibility, sequence, accuracy, completion, reliance or the contents of any information, services or transactions provided through the web site or in relation to any programs provided for use in accessing the website.

The services are provided on the basis of “as existing” or “as available”, without any securities of any king, whether implicit or explicit, including but not limited to the possibility of marketing them commercially or their being appropriate to any particular purposes, excluding the said securities mentioned implicitly which cannot be excluded, prevented or amended under the laws governing the present agreement.

None of the notified parties shall be liable in any way whatsoever toward you or toward any other person for:
-	Any inaccuracy, error or delay or any deletion of the following: 
-	Any of the said particulars, information or mails.
-	Sending or delivering any of the said particulars, information or mails.

-	Any loss, damage caused by:
-	Any inaccuracy, error, delay or deletion.
-	Non-performance.
-	Any jamming of any of the said information, particulars or mails.

Either because of any negligence or fault by any of the notified parties or because of a force majeure or emergency circumstances (such as floods, extraordinary weather conditions, earthquake or other acts of Allah or fire, wars, revolutions, armed rebellion, labor disputes, accidents, government resolutions, communication or power cut, or interruption of devices and programs) or any other reason outside the scope of reasonable control of any of the notified parties. The customer is aware that there might be a delay or impediment to the use of the trading system, including for example delays or impediments occurring deliberately on the part of the company for the purpose of carrying out maintenance of the trading system.

Impossibility of direct access to the market:
The customer understands that there might be some delay in the performance or amendments of his orders. In addition, such delays may occur more frequently during the heavy times of transaction and big fluctuations in prices (swift markets). Therefore, the customer understands that he shall receive the price by virtue of which his orders were executed on the market, which price may be different from the price proposed on the entry engine when he enters the order.

Reports and late and amended information:
We might receive late reports from the market concerning the transaction centers. Accordingly, your account may be subject to delay in issuing reports relating to your orders which you have not been notified of earlier or whose termination, cancellation or execution have been notified to you. You understand that any errors in the reports or entry, including the errors in the performance prices will be corrected to reflect the nature of what happened exactly on the market, and that your will receive the price at which your order has been actually executed on the market, which price may be different from the price displayed on the entry engine when you enter the order. You also agree on rendering fully liability, including any indirect or subsequent damage linked to the said movements or error correction in the market prices received before or upon your entry of the order and the price that you receive.

Instead of that, the “fixed amount orders” may guarantee certain protection in the price on the swift markets. However, there is a risk that your order shall not be executed if the market price does not reach the fixed-amount order price or because of several orders at the same price.

Requests for cancellation or amendment:
The customer agrees that the company cannot guarantee that the customer’s request for cancellation or amendment of the order put shall be performed, despite the customer’s delivery of the said request before the receipt of the notification that the order has been executed. The customer also acknowledges that the request for cancellation or amendment of any prior order shall not be performed unless the company has sufficient time to submit the request to the market concerned and the request has been received in the market and the market has compared his request with the order issued before the execution thereof. The company cannot guarantee that the market will compare the request for cancellation or amendment with the order of the previous customer, even if such request has been received by the market before execution of the order. Accordingly, the customer understands that his previous order has been cancelled or amended, unless the customer receives a notification of cancellation or amendment from the company. If the customer places any orders or takes any decision or any measure based on his request for cancellation or amendment before receiving the cancellation or amendment notification from the company, the customer shall do that on his own liability. The customer shall indeed agree that he shall not hold any of the other suppliers liable for the expenses or losses incurred as a result of doing that. The customer understands and agrees that if it is impossible to cancel or amend the order, the customer shall be bound to execute the original order. The customer also acknowledges that any attempts to amend or cancel and replace the order may result in exaggeration in the execution of the order or the execution of repeated orders. The customer shall be liable for all such executions.

Track of the orders:
The customer understands and agrees that the customer’s orders or prior ownership, in addition to the orders of prior ownership of the company shall be represented for execution before the customers’ orders transferred concerning the same securities which may be executed at the same price. In other words, all the orders shall be executed on the basis of “what comes first is executed first”. It should be noted that all the orders are subject to the intermediary’s execution.

The protection services entered in the online trading system of the track of the orders guarantee that when the customer’s order is entered in the system and transferred for execution, the customer’s identity shall be unknown.

In addition, you understand that the company shall have the absolute freedom to provide the best options of execution of the orders in such manner that the system will try to obtain the best features for the customer’s order. The company cannot and does not guarantee that every customer’s order will be executed at the best entered prices.

Restrictions of trading:
Any official at the company or the managers or employees working at the company or the intermediaries or other suppliers shall not be deemed to have received any instructions or order issued by the customer unless the company has been notified in advance of the said instructions or orders and contents thereof. All the trading and orders instructions shall be sent by the customer on the website of Mutadawal.com. The company shall not or is it bound to act or try to act or try to contact the customer concerning any trading instructions or orders given by the customer by e-mail, phone or voice mail, even if the company has obtained or is aware of such instructions or orders sent by e-mail, phone or voice mail. In addition, the company shall have the absolute choice to impose any other additional fees relating to any orders sent by the customer outside the website of Mutadawal.com, as decided by the company from time to time. The customer also understands that the company may, from time to time, according to its absolute choice, for reasonable reasons and without serving any prior notice on you, reject the customer’s instructions or orders and terminate this agreement or prevent or limit the customer’s capability of trading. The company shall not be liable for any losses or lost opportunities or excess commissions resulting from the fact that the customer is incapable of trading through the website of the company because of the termination hereof or closure of his account.

Unavailability of the investment’s consultations, taxes and trading: 
The customer acknowledges that the representatives of the company are not authorized to provide investment consultations, taxes or trading to attract orders. The list prices, market information, news and research (information) that may be accessed through the company website are prepared by stock exchanges or other suppliers deemed to be independent of the company. The company or any of the other suppliers do not guarantee the accuracy or temporal feasibility or completeness of any of the said information. The customer shall carry out more research, analysis or consultation of the investment consultant before taking any investment resolutions.

The customer also acknowledges that any of the information provided by the other suppliers as part of the said services and/or through the website of the company shall not constitute recommendations by the company or a promotion for the purchase or sale of any investment products. Any investment decisions taken by the customer shall be based only on his assessment of his financial circumstances and investment purposes.

The customer shall be liable for relying on the price lists, particulars or information. Any of the company or other suppliers shall not be liable for any subsequent results or damage resulting from the use of the said information. There is no kind of guarantee, whether explicit or implicit in relation to the information, including a capability of marketing guarantee or a guarantee of appropriateness for the special purposes or guarantee of non-violation.

The information shall be deemed to be the property of the company and the suppliers or licensors and shall be deemed to be protected under the prevailing printing laws. The customer agrees on not commercially reissuing or re-broadcasting, selling, distributing, publishing, transmitting, circulating or revealing the information in any manner whatsoever, without the explicit written approval of the company. The company reserves its right to terminate the right of access to the information. The communication services on the external sites are available for the customers and visitors of the site only and do not constitute any recommendation by the company or promotion of any offer for the purchase or sale of investment products. The said channels lead to the non-independent sites. The company does not guarantee the accuracy or temporal feasibility or completeness of any of the information provided through the said sites.

Electronic registers and contacts: 
To achieve the temporal feasibility, efficiency and fall in the customers’ costs. The company shall provide the system of confirmation of the online trading, statements of accounts, other online customers’ registers and communications (called registers and communications). The electronic registers and communications shall be sent to the e-mail of the customer. To receive the e-mail from the company, the customer shall be liable for keeping the e-mail address valid through the internet, in addition to the program necessary for the customer for reading, sending and receiving e-mail.

By making this agreement, the customer agrees on receiving the electronic registers and correspondence concerning this agreement and all the customer’s transactions and deals with the company, including the statements of account, mails and notices, whatever the kind thereof, as required hereunder. In addition, the customer agrees that any of the said electronic registers and/or communications shall constitute a written document for the purposes of any applicable law and that the said electronic registers and/or communications shall be valid proof of the statements mentioned therein. All communications sent by e-mail to the customer shall be deemed to have been delivered in person, whether actually delivered or not.

The customer shall immediately notify the company of any change in the e-mail to the customer, by using the e-mail change procedures on the website of the company or contacting the assistance office at the company.

Customer’s liability for the trading identity:

The company shall provide a “user’s ID’, a “password” and “trading code” to the customer enabling him/it to access his account and trade through the same, all of which shall be considered later as “the trading ID”. All the persons participating in a single account shall be the owners of the “trading ID”. The customer shall be liable for using and keeping “the trading ID”, including the liability for all the orders entered in the account by the customer or any other person that has the right to use the “trading ID”. The customer understands that the company is incapable of knowing whether another person, other than the customer has used his own “trading ID”.

Any use of the “trading ID” by any other person who might have obtained it from the customer, with or without his knowledge shall be treated by the company as having been authorized to do so by the customer. The customer shall assume full liability for any such acts. The customer shall assume liability for saving his “trading ID” on any computer. The customer agrees to notify any loss or theft of the “trading ID” of the customer or any unauthorized access to his account immediately by e-mail to the company. The customer also agrees to protect the company and compensate it for any liability, costs or damage arising from or contrary thereto, including claims by the customer or any other account holder or any other party with links to such unauthorized access or use.

Agreements with other suppliers:
The customer acknowledges and agrees that access to the services of other suppliers may be immediately terminated in the event of terminating the agreement made between the company and the service provider concerned, directly or indirectly. The customer also acknowledges and agrees that he is a customer of the company and not of the other service providers or any other person or entity that may have entered into agreement with the company.

The registered owner and voting rights:
The customer agrees that the company shall be the registered owner of all the securities owned in his account. The company shall have the absolute choice and exclusive right to exercise the special voting rights in such securities, according to its absolute choice, at any of the meetings held or in any of the proposed resolutions in relation to the said securities. The customer also waives completely any right to agency.

The customer shall only be notified in relation to any voting if it includes a purchase offer in which the participation of more capitals is required. Voting with regard to the companies proceedings, such as granting, division, merger, subscriptions and purchase offers shall be confirmed in general. Any fractions in the shares resulting from that shall be rounded up to the nearest unit. Then the equivalent amount of any of the said fractional shares shall be deposited in the related accounts.

No written shares certificates:
The company shall not receive any claims from the customers whatsoever, concerning the issue of written share certificates relating to their investments, save for the transfers to the customer’s account with the clearance company or to any accounts of the clearance companies, but only according to the electronic form. The company shall not be liable for any delay in such transfer. Such transfer shall also be subject to the approval of Kuwait Stock Exchange.

Transfer of the securities: 
The customers that intend to transfer the securities in their accounts shall be required to deliver written signed instructions to the company, mentioning the necessary details to the recipient/the intermediary concerned. The company does not guarantee the performance of such transfers if it has acted based on instructions from the customer in the event of any failure on the part of the executing intermediary of the company. The company shall have the absolute choice to impose additional fees in respect of the said transfers, as decided by the company.

Incoming funds: 
The company shall not be liable for any loss and/or damage resulting from late transfers because of circumstances beyond the company’s will. The company may accept funds for crediting to the customer’s account by the other parties, other than the customer, but upon the submittal of the official ID. In such events, the customer acknowledges that the said funds are the property of the customer and that the customer has issued his instructions that the said funds be credited to the customer’s account. The customer acknowledges that there are no other persons benefiting from the said funds in the customer’s account and that the customer does not trade on behalf of others, unless the customer has notified the company otherwise in writing, and provided that the customer acknowledges that he is registered as required and authorized under the prevailing laws to perform such transactions on behalf of others.

The customer acknowledges that all the funds deposited in his account shall be for the purpose of trading securities and other investment products provided by the company. The company shall be entitled to make any related reports without notifying the customer, which reports may be required by the authorities concerned in the State of Kuwait. Upon the purchase of the shares on the Kuwait Stock Exchange, the total amount shall be credited on the same trading day. Upon sale of the shares on the Kuwait Stock Exchange, the sale proceeds shall be deposited on the following Saturday. The sale proceeds may be used immediately to purchase new shares. Accordingly, the advance sale amounts or subsequent purchase amounts may be liquidated, except that liquidation is not authorized in the events in which the shares are purchased first. The amount thereof should be paid first before the subsequent sale returns are paid. If the payment date falls on a holiday, the following working day shall be the date of payment.

External transfer of funds:
The funds shall be transferred to the accounts of the account holder specified upon the opening of the account or the account that is amended later in accordance herewith. The company shall deduct from the customer’s account the fees of the said transfers as announced by the company.

Interest on the cleared credit balances:
Interest shall be paid by the company on the announced balances in the customer’s account on the basis of the prices specified by the company. The company reserves the right to change the interest rates as and when it may deem appropriate. Anyway, the said interest shall be credited to the customer’s account only on the basis of annual proceeds.

Assessments:
About the information relating to the assessments resulting from the proceedings of the companies (such as the division of shares and distributions of cash dividends) shall be made available to the customer on the website of the company after the occurrence thereof. The customer agrees that the actual figures differ from the assessment entered. The customer shall not be capable of using the said sources until the actual receipt thereof, except for the events of term contracts. In pursuance of the provisions governing term contracts on the Kuwait Stock Exchange, the actual receipt of the funds resulting from the companies proceedings under term contracts shall be used to reduce the final agreement price of the term contracts. The customer shall not be capable of using any of the said received funds until the date of maturity of the term contracts or in the event of immediate clearance or prior settlement based on the receipt of the shares.

Risks accompanying the breakdowns in the system:
Online trading subjects the customer to the risks accompanying breakdowns in the system or contents. And in the event of any breakdown in the system or the program, it is possible, for a certain period of time that the customer may not be capable of entering new orders or executing the current orders or amending or canceling the previously entered orders.

Any breakdown in the system or the program may result in the loss of orders or priority of orders. The facilities or systems on computer such as those used by the company are subject to jamming or disruption and may not be available for the customer from time to time. The customer agrees that he shall not hold the company liable for any breakdown or failure in the said systems.

Internet services:
To the extent that the customer or company uses the Internet services to transmit information or communications, the company denies any liability for any jamming or objection to any of the said information or communications. The company is not liable and shall not provide any securities concerning the entering, speed or security protection for the Internet services.

Credit Investigations:
The customer understands and agrees that the company shall exchange your personal and credit information with certain official authorities and other parties that are legally entitled to obtain such information, for the purposes of comparison and checking of the customer’s ID for the purposes of specifying the financial conditions and abiding by certain government laws, such as the laws concerning money laundering, international boycott and transactions with specified citizens. All other usages of personal and credit information shall be subject to the policy of the company. (See the enclosed privacy acknowledgment). The customer also authorizes the company to enquire about his credit position (the credit position of his wife-if any) and to request a report for checking the information concerning his ID and the source of the said payments, to enable the company to specify the capacity of the customer to open the account and for any other legal purposes relating to business. The customer also authorizes the company in this regard to contact the said financial institutions and use the information agencies as deemed appropriate by the company. The customer also understands that, as required by the different official authorities, such as the Kuwait Stock Exchange and the Central Bank of Kuwait, he may be required by the company to submit a report about his transfers and properties and to purchase the shares of the companies, banks and other companies registered on the Kuwait Stock Exchange without being notified of such requirement.

Joint Accounts: 
With regard to joint accounts, each participant in the account agrees that every participant in the joint account shall unilaterally have the right, without having recourse to others, to perform the following:

(1)	To purchase and sell shares, term contracts, options, future contracts or other investment products on margin or otherwise.

(2)	To receive confirmations, statements and correspondence, whatever the kind thereof, concerning the joint account.

(3)	To receive and pay funds, securities and/or other properties in the joint account.

(4)	To terminate the present agreement or approve the amendment hereof.

(5)	To cancel any of the articles mentioned herein.

(6)	To deal in general with the company as if each participant in the account is the sole holder of the account.

Each participant agrees in the joint account that any advice addressed to any of the participants in the account shall be considered a notice to all the participants in the account. Each participant in the joint account also agrees that he shall be solely or jointly liable with others before the company in relation to any matters concerning the joint account. The company may follow up the instructions issued by any of the said participants in the joint account concerning the joint account and deliver to any of the said participants any or all the properties in the joint account and pay to any of them any or all the funds in the joint account, according to the orders issued by any of the participants in the joint account, even if such handing over or payment shall be made to one person only of the participants in the joint account.

And in the event of the death of any of the participants in the joint account, the remaining living participants shall immediately advise the company by registered mail or hand delivery to the company. The company may, before or after receiving the said advice, take all measures or request the said documents or keep the said part and/or stop the said transactions in the joint account as it may deem appropriate, according to its absolute decision for protecting itself against any taxes, liability, fine or loss under any current or future laws or otherwise. Any inheritors of the deceased partner in the joint account or any partner in the joint account shall be jointly or severally liable before the company for any indebtedness or loss in the joint account or any indebtedness or loss incurred upon the liquidation of the joint account or any settlement of the shares of the participants in the joint account. Unless the partner in the joint account has given instructions otherwise upon opening of the joint account, the company may suppose that the participants in the joint account intend to keep the joint account as joint living owners. And in the event of death of any of the participants in the joint account, all the shares of the deceased partner shall pass to the remaining living partners based on the same conditions and provisions under which shares are acquired hereinafter, without, in any event whatsoever, releasing the inheritors of the deceased partner of the account holders from any liability relating to the joint account and resulting before the date of death.

Amendment of the agreement and the services:
The customer agrees that the company may change any of the conditions and provisions hereof and add additional conditions and provisions hereto and/or cancel any conditions or provisions hereof at any time, by introducing the said amendments and the date of effectiveness hereof in the website of the company and notifying the customer thereof by e-mail at the e-mail address that he provided to the company. The company shall notify you that the amendment has been made.

If the company applies this process, the customer shall accept that he, and the company, are obliged to follow this amendment, whether he receives the notice of E-mail or not, only if you use the service after the effective date of amendments. The customer shall also understand that the ordinary method to amend this agreement is represented by sending these amendments by the company to its headquarters and providing him with an E-mail notice that this amendment was performed.
The customer agrees that the company may change its services at any time by making changes to the location of the company and it is not obliged to provide him with a separate notice concerning this changing. The customer understands and agrees that this ordinary procedure of changing the service is represented by the fact that the company performs a changing in its location.
In the event where the customer does not accept any of the conditions and provisions of the amended agreement, he shall immediately notify the company by E-mail and suspend the use of the company’s services except all that is necessary to close his account. The customer agrees that the use of the company’s services after the amendments made to this agreement or amendments of the service shall mean his approval of the amendments, whether he knew them in real or not. He also understands that entering the service shall mean he is legally obliged of the amendments even if not able to enter this agreement or its amendments.

Privacy Policy:
The customer declares that he has received the privacy declaration issued by Kuwait Financing and Investment Company (privacy declaration) enclosed as Enclosure (1). The customer declares that he has read and understood the information mentioned in the privacy declaration issued by the company.

Force Majeure:
The customer agrees to protect the company from and against, and accepts that the company is not liable for any responsibility, costs or losses resulting directly or indirectly because of the force majeure, including, for example and not limited to, government restrictions, laws of exchange and other laws, suspension or delay of exchange, war, civil disobedience, earthquakes, strikes, defect of devices, communications line or security device, unauthorized entrance, theft, any technical problem or others preventing the customer from entering, canceling or amending any matter or preventing the company from disposing of a matter or instructions through direct line, or any events or circumstances out of its control.

Liability for Compensation in case of Termination:
The termination of service and / or this agreement does not exempt the holder(s) of account from any obligation or liability concerning the operations concluded until the date of termination, whether claims were made before or after this termination.

License of Using the Company’s Programs and the Related Restrictions:
The company shall grant the customer, who accepts the same, the unrestrictive and non-transferable license for the use of the company’s programs for exchange only, as mentioned here. The property of programs shall remain limited to the company including all applied rights on the invention patents, printing rights and commercial brands. The customer shall protect the company’s program by convenient means, preserving the property and rights of the company in the program. He shall not sell, replace or sell the company’s programs to others.
The customer shall not copy, amend, translate or reverse the engineering composition or decreasing the read form, using the company’s programs for derivatives. Any update, replacement, amendment, development, additions or transfer performed on the company’s programs provided to the customer shall be subject to this agreement.

Limits of Liability:
The liability of the company shall not exceed, in any event whatsoever, regardless of any procedure or damages incurred by the customer, the highest total of commissions and monthly fees paid by the customer to the company during the dispute.

Neglect Events:
The neglect event shall be considered automatically occurred without any notice from the company if:

*	The customer violates or neglects in any way whatsoever this agreement or any agreement with the company.
*	If the company decides, at its absolute discretion, that it has sufficient reasons to feel insecure towards the performance of the customer concerning any obligation and the customer immediately fails after being required to provide performance guarantees for satisfactory commitment for the company.
*	If any procedures by or against the customer were commenced by virtue of any bankruptcy law or exemption of the debtors or their equivalent.
*	If the customer assigns to his creditors.
*	If a legal guardian, manager, liquidator or any similar official was appointed for the customer of any of his properties.
*	If any of the customer’s information submitted to the company, wherever and however they were submitted, are incorrect or become incorrect later.
*	If the customer is deceased or becomes legally incompetent.
*	If the customer suspends or threatens to suspend his works.
*	If any legal actions begin concerning any of the customer’s properties.
*	If the company has sufficient reasons to deem that any of the above-mentioned events may certainly occur.

The customer absolutely and unconditionally approves that in any neglect event, the company shall have the right to terminate any or all its obligations towards the customer concerning any future performance. The company shall have the right, at its absolute discretion, without being obliged and without prior notice to the customer, to liquidate any part of the customer’s positions in any of the customer’s accounts preserved individually or collectively with others at any time, in that method and any market as deemed proper by the company. The customer declares, that in addition to any other rights or measures approved legally, all balances in any of the customer’s accounts at the company (whether owned individually or collectively), are considered mortgaged for the benefit of the company to guarantee the performance of the customer.

The customer shall protect and compensate the company against all actions, errors, costs or expenses (including the attorney’s fees), losses, penalties, claims, and obligations incurred by the company concerning:

*	Taking any of the measures.
*	Taking care of the guarantee, defense or imposition of any rights and claims of the company related thereto.
*	Fulfilling any of the company’s obligations not able to perform them because of the neglect.

Arbitration:
The customer accepts that any dispute concerning this agreement arising between him and the company shall be subject to the competence of the Courts of the State of Kuwait. He also understands that any judgment concerning any decision issued by the arbitrators may be approved by any Court.

Assignment:
This agreement shall be for the benefit of the company’s successors and assignees (whether by merger, assembling or others). The customer shall grant the company the right to transfer his account to any of its successors. He also accepts that this agreement is considered obligatory for his heirs, managers, successors and assignees.

The customer shall not, in any way whatsoever, assign any of his rights or obligations under this agreement or any of his shares present in his account to others without the prior written consent of the company.

Division:
If any of this agreement’s articles is considered invalid or unapplied by any Court, official or unofficial agency, this termination shall be considered valid only for the period in which this article is invalid and does not affect the other articles.

Titles of Clarification Articles:
The title of any of this agreement’s articles was chosen for description and clarification only and does not lead to amendment or preservation of any rights or obligations mentioned in each of these articles.

Total Agreement:
This agreement, in addition to all other agreements between the customer and the company concerning his account, the conditions and provisions mentioned in the company’s location or the statements of account, as well as the exchange proofs provided to him, represent total comprehension between him and the company concerning his account, including the total agreement between both parties who did not submit any declarations or undertakings except those mentioned here clearly.

Conditions and Provisions:
This agreement concluded between you and us is subject to the laws and provisions of Kuwait Stock Exchange. The General Conditions applied on all operations of exchange in the regular, collective or equivalent markets are also applied on the customer’s accounts at the company.
Any additional specifications are considered for the benefit of the customers and easiness of exchange. In the event of any dispute concerning the exchange conditions, the conditions and provisions of Kuwait Stock Exchange shall prevail.

Customer’s Qualifications:
The customer declares and guarantees the following:
*	Application of the account delivered by the customer if a reference number was specified for the same, considered an integral part of this customer’s agreement.
*	All information mentioned in the form of application of the company’s account are correct and complete.

•	The customer accepts that in case of any change in any information provided by the customer with regard to the application for the opening of the account, the customer will make appropriate adjustment to the customer account, by using the formalities available on the company website or by calling the company to obtain further instructions. The customer will also delegate the company to carry out such inquiries as it may deem appropriate at any time to make sure of the customer information.

(a)	If the customer is a natural person:
The customer declares and undertakes that he is above 21 years old and that he is legally competent and familiar with all the risks and particulars of the investment products.

(b)	If the customer is a company 
The customer and his authorized representatives declare and undertake that the customer: 
•	is delegated in accordance with the articles of association of the company, the joint venture agreement or personally or by virtue of the internal laws, the employment contract or other documents and that the customer is registered and organized as required by the competent authorities (limited to Kuwait and the members of the Gulf Cooperation Council) to conclude this agreement, deal with the stocks or other investment products as required in the customer account. 
•	Is legally competent 
•	Has a good financial position 
•	Has sufficient experience and knowledge with regard to the risks and particulars of the stocks, options, future contracts and other investment products to be dealt in the customer account.
•	That the persons appointed by the customer before the company are fully authorized to issue orders and to deal on behalf of the customer.

Any customer who may be a manager in any company registered in Kuwait Stock Exchange may not dispose of any share in this company and he has, according to the laws of Kuwait Stock Exchange, to inform the company in writing if he becomes manager in any of those other companies in the future or if his management duration expires at any of the above mentioned companies.

Confidentiality and Information Security

Kuwaiti Financing and Investment Company K.S.C. (the company) preserves the confidentiality and security of the present and previous customers’ information and it disposes of them in full secrecy.

1.	The company does not sell information to others

The company does not sell the particulars of its customers to others and it does not authorize other companies to inspect such particulars.  In the event where the company is obliged to authorize others to inspect them, it will inform you in prior thereof.

2.	The information security is among the company’s priorities

The company adopts various procedures to protect the particulars of its customers.  The company evaluates these procedures periodically and provides the best new technologies to protect the customers’ particulars.

3.	The gathering of the customers’ particulars is carried out through the work channels

The company gathers information about its customers to facilitate the customers’ dealing with the company, to save effort and money and to offer the best services to its customers.  The information gathered from the customers and registered at the company includes the following: 
-	The statements mentioned in the account opening application and the other form provided by the customer to the company 
-	The dealing statements provided by the customer through the company website
-	Information from the credit information net to make sure of the customer identity and to determine its credit position 
-	Information from other sources related to the customer job and residence place. 
-	Demographic information that helps the company to provide appropriate services and products for the customers.

4.	Information sent to other authorities

Some information is sent to the supervision authorities, such as the Central Bank of Kuwait, the Credit Information Net and other supervising authorities, by virtues of the laws in force in the State of Kuwait.

5.	The company observes the highest standards of accuracy

The accuracy of the customers’ particulars is as much important for the company as its customers.  For this reason, the company provides its customers with information about their accounts through dealing notices or through the account statements as well as by telephone calls made by the Customers Relations employees, or through the internet on the company website.  In case of any inquiries about the statements accuracy please call the company immediately.

Email Confidentiality 
The company uses the email addresses of its customers to provide them with information that facilitates their dealing with the company.

The company provides also additional services through the email, such as the notices, new issues, announcements concerning the stock exchanges, etc.

Furthermore, the company may use the email of the customer to provide him with information about new products and services or investment opportunities that may draw the attention of the customer.

Except for the aforesaid, the company does not sell or authorize the emails’ lists to others.

Agree

Disagree